Stand pat

There s no sense overpaying or bidding against itself. The UK chocolatier s whiteknight hopes are fading. And it may prove more fruitful for Kraft CEO Irene Rosenfeld to satisfy Warren Buffett than chase Cadbury s chairman. Absent a bid, Cadbury just gets cheaper.

Context News

Cadbury announced 2009 results on Jan.12 as part of an ongoing defence against a hostile $17 billion bid from Kraft Foods. Kraft has until Jan. 19 to present its final offer under UK takeover rules. Its current offer values Cadbury at 762 pence a share. Cadbury shares closed at 777 pence.

Separately, Reuters' David Jones and Gianluca Semeraro reported that Italy's Ferrero has decided not to bid for Cadbury.